August 04, 2015
The new health reforms that the ACA is scheduled to bring in has made billing for most medical practices very complicated. To add to this is the looming worry which the transition from ICD-9 to ICD -10 coding systems will bring in and is sure to lead to an initial loss of revenue and delayed reimbursements. Currently there are around 75,000 chiropractors in US and, this segment is expected to grow over 15% in the coming decade, more so with the specialty now being included in the government’s Meaningful Use EHR subsidies.
It is expected that more than 20 million Americans will seek the help of chiropractors given that 80% of the Americans today suffer from back pain. And it is a known fact that the chiropractic practice already suffers a loss of 10-30% of gross revenue due to incorrect coding which leads to a loss in billing and subsequently in revenues. Already, 98% of the chiropractors earn less than $1 million a year which could dip further after the ICD coding transition takes place. Moreover, since insurance companies are known to delay reimbursements, demand documentation and postpone payments as long as six months due to complications when billing, caused by untrained in-house staff, revenues will take a further dip. Seems like a nightmarish situation? At such a point, outsourcing chiropractic billing services to coders and billers who are experts with knowledge of handling the transition and reimbursement delays seems like an effective option.
You can remain stress free by choosing to outsource, owing to the positive benefits you will accrue with these services
No headaches for software support or upgrades or spending that 10% of your profits on being technology savvy or getting your staff to be so
No need for you to conduct trainings for your staff especially when changes in health reforms are initiated by Medicare or Insurance
Other administrative headaches immediately vanish like managing storage space for files, hiring new coders & billers when someone resigns, is on leave etc.
You as a chiropractor can focus more on patients than on follow ups with delayed reimbursements and claims
Better relationship with your clients spending more time understanding their pain
When you outsource chiropractic billing services, your billing becomes highly efficient given the win-win situation for both parties to benefit
You can spend more time researching on different ways to ease your patient’s pains
The bottom line when you outsource your chiropractic billing services: You focus more on your patients and less on the business of billing
Further, it is estimated that by 2015 many insurance carriers plan on moving towards acceptance of electronic claims rather than paper-based claims. Do you want to end up being technology savvy or good at what you do, the best chiropractor? Stay free of administrative stress when you outsource.
Best Billing and Coding Practices